China Targets Jack Ma's Alibaba Empire in Monopoly Probe

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erek

erek

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"The State Administration for Market Regulation is investigating Alibaba, the top antitrust watchdog said in a statement without further details. Regulators including the central bank and banking watchdog will separately summon affiliate Ant to a meeting intended to drive home increasingly stringent financial regulations, which now pose a threat to the growth of the world's biggest online financial services firm. Ant said in a statement on its official WeChat account it will study and comply with all requirements. Ma, the flamboyant co-founder of Alibaba and Ant, has all but vanished from public view since Ant's initial public offering got derailed last month. As of early December, the man most closely identified with the meteoric rise of China was advised by the government to stay in the country, a person familiar with the matter has said."

https://slashdot.org/story/20/12/24/1339233/china-targets-jack-mas-alibaba-empire-in-monopoly-probe
 
If China doesn't pass up United States it will be because of their own undoing, stifling innovation thinking they want to innovate yet rejecting the innovations they need.

In not saying Jack Ma has what they need, but this practice of putting tech under their beurocracy will kill the possibility for unexpected boons. Beurocrats and dictators are good at focusing on what they want, but ignore what ends up being the next step in societal evolution and economic expansion. You can't predict the future of what will be good, so if you are closed off to anything but your desires you will either miss out on the next great thing or continuously play catch up to counties that will discover the next great thing.
 
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SecretStash said:
If China doesn't pass up United States it will be because of their own undoing, stifling innovation thinking they want to innovation yet rejecting the innovations they need.

In not saying Jack Ma has what they need, but this practice of putting tech under their beurocracy will kill the possibility for unexpected boons. Beurocrats and dictators are good at focusing on what they want, but ignore what ends up being the next step in societal evolution and economic expansion. You can't predict the future of what will be good, so if you are closed off to anything but your desires you will either miss out on the next great thing or continuously play catch up to counties that will discover the next great thing.
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i think China has started to back off it's freedeom of financial entrepreneurship and allowing personal growth of financial wealth so liberally, and also seems that Jack Ma ruffled Xi's / CCP's feathers and is being taken down. wonder if he'll get disappeared ultimately


"Derailing of Jack Ma’s mega Ant IPO shows Xi Jinping’s in charge" -- https://www.post-gazette.com/busine...China-Jack-Ma-regulators/stories/202011040204
 
BinarySynapse said:
They have to get the money they’re using to buy politicians and businesses around the world somehow.
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BinarySynapse scope this out:

"A major leak containing a register with the details of nearly two million CCP members has occurred – exposing members who are now working all over the world, while also lifting the lid on how the party operates under Xi Jinping, says Sharri Markson." -- https://www.skynews.com.au/details/_6215946537001


"Through campaign fundraising, extensive networking, personal charisma, and romantic or sexual relationships with at least two Midwestern mayors, Fang was able to gain proximity to political power, according to current and former U.S. intelligence officials and one former elected official." -- https://www.axios.com/china-spy-california-politicians-9d2dfb99-f839-4e00-8bd8-59dec0daf589.html

"
  • She also engaged in sexual or romantic relationships with at least two mayors of Midwestern cities over a period of about three years, according to one U.S. intelligence official and one former elected official.
  • At least two separate sexual interactions with elected officials, including one of these Midwestern mayors, were caught on FBI electronic surveillance of Fang, according to two intelligence officials. Axios was unable to identify or speak to the elected officials."
 
Mega6 said:
Wonder how much Ma will have to pay Xi off with to get through this?
Communists and Capitalism - what a great mix.
Click to expand...

Here is the answer:

Ma offered shares of Ant Group to Chinese gov.

https://www.wsj.com/articles/jack-m...29?redirect=amp#click=https://t.co/tAxPkLUpb6

“The Chinese state has already effectively nationalized some of the financial infrastructure Ant built, such as the interbank payment system that became NetsUnion.
So there is a precedent for nationalizing platforms that are viewed as serving a critical policy purpose.”
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~ said Martin Chorzempa — a research fellow at the Peterson Institute for International Economics who specializes in China’s fintech sector — referring to the firm now controlled by the central bank that clears transactions between banks and third-party payment providers.

Imagine Bernie Sanders as US president & demanding a percentage of shares held as some kind of wealth tax which in turn goes into a sovereign wealth fund. This would impact Jeff Bezo's holding of Amazon, for example.
 
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Marees said:
Here is the answer:

Ma offered shares of Ant Group to Chinese gov.

https://www.wsj.com/articles/jack-m...29?redirect=amp#click=https://t.co/tAxPkLUpb6



~ said Martin Chorzempa — a research fellow at the Peterson Institute for International Economics who specializes in China’s fintech sector — referring to the firm now controlled by the central bank that clears transactions between banks and third-party payment providers.

Imagine Bernie Sanders as US president & demanding a percentage of shares held as some kind of wealth tax which in turn goes into a sovereign wealth fund. This would impact Jeff Bezo's holding of Amazon, for example.
Click to expand...
Opinion?

California has an Exit Tax, is the CPC Wealth Tax that bad?
 
Marees said:
Here is the answer:

Ma offered shares of Ant Group to Chinese gov.

https://www.wsj.com/articles/jack-m...29?redirect=amp#click=https://t.co/tAxPkLUpb6



~ said Martin Chorzempa — a research fellow at the Peterson Institute for International Economics who specializes in China’s fintech sector — referring to the firm now controlled by the central bank that clears transactions between banks and third-party payment providers.

Imagine Bernie Sanders as US president & demanding a percentage of shares held as some kind of wealth tax which in turn goes into a sovereign wealth fund. This would impact Jeff Bezo's holding of Amazon, for example.
Click to expand...

​

Trump Demanding Cut From Microsoft​


WTF is this?
"the U.S. Treasury should get a "substantial portion" of money from any future TikTok acquisition as it helped to facilitate the deal."
 
erek said:
Opinion?

California has an Exit Tax, is the CPC Wealth Tax that bad?
Click to expand...
I don't see anything wrong taxing the extremely wealthy, it's part of a progressive tax rate that many countries have been using for years. If anything the extremely wealthy should pay more and the US tax rates need to be updated. A lot of billionaires have been stating - "tax us more" and have given Billions away.
 
GoldenTiger said:
It's Newsweek, yet another fake news rag.
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Sorry it's not NewsMax or Breitbart

You're joking - right?

https://www.forbes.com/sites/alison...-of-money-for-allowing-microsoft-tiktok-deal/
https://apnews.com/84d93560dbdf072cf76ae7fe88dd8854
https://www.amazon.com/donald-trump-cutout/s?k=donald+trump+cutout
https://www.businesstoday.in/curren...iktok-deal-is-unprecedented/story/412014.html
https://www.nytimes.com/2020/08/08/us/politics/trump-tiktok-deal-treasury.html
https://www.cnn.com/2020/08/05/tech/tiktok-trump-treasury-microsoft/index.html
https://www.huffpost.com/entry/trump-tiktok-microsoft-cut-of-the-deal_n_5f28d561c5b68fbfc886ff84
https://www.snopes.com/ap/2020/08/04/trumps-demand-for-us-cut-of-a-tiktok-deal-is-unprecedented/
https://www.reuters.com/article/us-usa-trump-tiktok-idUSKCN250326
https://www.bbc.co.uk/news/business-53633315


 
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Mega6 said:
I don't see anything wrong taxing the extremely wealthy, it's part of a progressive tax rate that many countries have been using for years. If anything the extremely wealthy should pay more and the US tax rates need to be updated. A lot of billionaires have been stating - "tax us more" and have given Billions away.
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To be fair, I kind of have more faith in the billions that are freely given away, than the trillions that government spending does. That said, you always get your Elon Musk types who promise to give away billions, but barely give any away, while also being the center of huge corporate welfare cases. (I'm just using Musk as an example, not as the only person who's ever done this)
 
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Alibaba is a monopoly. Just like how our government is starting to look at the likes of Facebook for anti-competitive behavior.

Also, I fail to see anyone explaining why Ant Financial's IPO got canned. Because fintech is unregulated, Ant was able to build up extremely high leverage by securitizing loans. Imagine a bank with 100x leverage, any regulator would step in. It is a deja vu of 2008.
 
Mega6 said:
I don't see anything wrong taxing the extremely wealthy, it's part of a progressive tax rate that many countries have been using for years. If anything the extremely wealthy should pay more and the US tax rates need to be updated. A lot of billionaires have been stating - "tax us more" and have given Billions away.
Click to expand...

sure...what's fair? 50% how about 80%? how do we gauge exactly how much to punish success?
 
Mega6 said:
How much money in Billions do you really need?
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At what point is it acceptable to take from others? When do we start taking other things from people such as land and personal property to redistribute? There are a few places around the globe that share this line of thinking, move there.

This country is taxed far too much as it is and if from what we've read about on the latest stimulus fiasco is accurate then government shouldn't get the money anyways.
 
Compta said:
At what point is it acceptable to take from others? When do we start taking other things from people such as land and personal property to redistribute? There are a few places around the globe that share this line of thinking, move there.

This country is taxed far too much as it is and if from what we've read about on the latest stimulus fiasco is accurate then government shouldn't get the money anyways.
Click to expand...

There are plenty of "tax shelter" counties for you to move to - but somehow I don't think you have billions to be taxed anyways. So don't worry about it. Does your christmas list consist only of the words "me, myself and I?".
 
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Compta said:
sure...what's fair? 50% how about 80%? how do we gauge exactly how much to punish success?
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I think fair would be paying what the tax rate states. There is no magic number that makes it better, and the argument of "punishing for success" really falls on deaf ears when you see the effective tax rates that people pay due to numerous deductions does not fall in line with what the tax rates actually are. So yeah make the effective tax rate on someone earning over 1M a year 80% of every dollar over $1M... chance are they're not going to pay anything close to that.
 
Compta said:
At what point is it acceptable to take from others? When do we start taking other things from people such as land and personal property to redistribute? There are a few places around the globe that share this line of thinking, move there.

This country is taxed far too much as it is and if from what we've read about on the latest stimulus fiasco is accurate then government shouldn't get the money anyways.
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The American Dream becomes irrelevant to Americans when they let envy creep in. It doesn’t matter if people have money they don’t need. They earned it. What they do with it is up to them. There are plenty of rich philanthropists doing good in the world, but that’s entirely their business. I’m not rich, but I feel that hating the rich because I’m not is ridiculous.
 
Shoganai said:
The American Dream becomes irrelevant to Americans when they let envy creep in. It doesn’t matter if people have money they don’t need. They earned it. What they do with it is up to them. There are plenty of rich philanthropists doing good in the world, but that’s entirely their business. I’m not rich, but I feel that hating the rich because I’m not is ridiculous.
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Are really you going down that rabbit hole?
 
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Mega6 said:
This is why you don't invest in chinese stock folks.
The unpredictable "Xi Show".


"eight percent fall in the value of the company"
"They are targeting this huge company ... because they want people to hate the super-rich,"
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for a time like 3-4 years ago or so China's markets were so crazy and unstable they were minting new Billionaires by the hundreds daily

"China has more billionaires than US: Report" -- https://www.cnbc.com/2016/02/24/china-has-more-billionaires-than-us-report.html

https://www.bloomberg.com/news/arti...minting-machine-unstoppable-amid-stocks-slump
 
Mega6 said:
How much money in Billions do you really need?
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As much that I can legally obtain - life, liberty, and the pursuit of happiness - how many billions I want or need to fulfill that last one is of my concern, not yours.
 
staknhalo said:
As much that I can legally obtain - life, liberty, and the pursuit of happiness - how many billions I want or need to fulfill that last one is of my concern, not yours.
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erek said:
for a time like 3-4 years ago or so China's markets were so crazy and unstable they were minting new Billionaires by the hundreds daily

"China has more billionaires than US: Report" -- https://www.cnbc.com/2016/02/24/china-has-more-billionaires-than-us-report.html

https://www.bloomberg.com/news/arti...minting-machine-unstoppable-amid-stocks-slump
Click to expand...

the Market Volatility was so crazy there's even a Wikipedia article on it!!! They were minting new Billionaires everyday


"2015–2016 Chinese stock market turbulence" -- https://en.wikipedia.org/wiki/2015–2016_Chinese_stock_market_turbulence
 
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